EDINBURGH, Scotland, April 9, 2013 /PRNewswire/ --
In the wake of the recent budget announcements, Money Dashboard has explored the impact on ordinary people's lives.
The emergence of this year's budget announcements will affect different demographics in different ways, according to finance website Money Dashboard. Their recent breakdown of the impact the changes in public spending will have on the British population indicates a government focusing on limiting expenditure for the young, while driving home the message that personal money management is important for the survival of an economically straitened country such as the UK.
Young professional couples will benefit from the announcement of childcare vouchers worth up to £1,200. Personal allowance has been increased to £10,000, which means more money in the pockets of middle and low income earners, and less in the public coffers. However, the counterweight to that move is the 40% tax threshold being lowered to £41,450, so those climbing the career ladder will find themselves paying more, earlier.
For young families, it's mostly good news. The budget promises to cover up to 20% of childcare costs, giving parents who are wavering between going back to work and staying at home an incentive to start earning again. The Help to Buy scheme, a mortgage subsidy being introduced this year, will give young families and couples the chance to get on the property ladder.
Money management is important for students perhaps more than any other group. A 1p reduction in alcohol duty might make a noticeable difference to an individual student's yearly budget, and even the Help to Buy scheme - which only requires a 5% deposit - may be of interest to those approaching graduation.
The budget also brought promises from the Chancellor to begin anti-tax avoidance initiatives, so the highest earners in the country will find legal loopholes beginning to close.
For people looking to make a fresh start with their money management, Money Dashboard's budget planner can make the process easier. Finance software from Money Dashboard enables you to keep one record of all your accounting, with built in charts, graphs and tables, all in aid of helping you watch the inflow and outflow of money.
Their tools can also help identify problem areas, such as unnecessary insurance policies and other overheads. Finance software from Money Dashboard is designed to help Britons avoid wasteful habits and bring their financial future and security back under their own control.
About Money Dashboard
Money Dashboard is the free and easy way to take control of your finances; all you need is an online account with a UK bank, building society or credit card and access to the Internet. Our service lets you see exactly where your money goes by showing all your current accounts, savings accounts and credit cards from whichever institutions you bank with, all together in one secure place.
Money Dashboard means you keep an eye on your day-to-day spending, monitor whether you're earning more than you're spending, and making efficient use of any credit. It even lets you know if you're likely to have any spare money left to spend at the end of the month. And for those who want to save, Money Dashboard uses your past spending patterns to predict future outgoings and potential savings so you can budget realistically for the future.
SOURCE Money Dashboard